Illinois Median Home Prices Increase In April; Sales Lower

Illinois median prices increased in April while sales, which tracked higher than last month, were down slightly compared to a year ago, data from Illinois REALTORS® show.

Statewide home sales (including single-family homes and condominiums) in April totaled 13,942 homes sold, down 5.6 percent from 14,774 in April 2018.

The statewide median price in April was $214,207, up 2.0 percent from April 2018, when the median price was $210,000. The median is a typical market price where half the homes sold for more and half sold for less.

“April’s home sales showed significant improvement over March as sellers began to stream back into the market for the warmer-weather selling season,” said Ed Neaves, president-elect of Illinois REALTORS® and managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington. “The fact that median prices continue to hold in positive territory shows there is a growing market equilibrium that will benefit both buyers and sellers.”

The time it took to sell a home in April averaged 54 days, the same as a year ago. Available inventory totaled 53,049 homes for sale, a 1.9 percent decline from 54,063 homes in April 2018.

According to the data, home sales in the Carbondale-Marion MSA (Jackson and Williamson counties) totaled 93 units, a 17.7 percent increase while the median price was up 6.5 percent to $98,000; home sales in the Springfield MSA (Sangamon and Menard counties) totaled 271, a 5.9 percent increase while the median price was up 6.7 percent to $144,000.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 4.14 percent in April, a decrease from 4.27 percent the previous month, according to the Federal Home Loan Mortgage Corp. In April 2018, it averaged 4.47 percent.

In the nine-county Chicago Metro Area, home sales (single-family and condominiums) in April totaled 10,093, down 5.9 percent from April 2018 sales of 10,725 homes. The median price in April was $253,000 in the Chicago Metro Area, an increase of 1.2 percent from $250,000 in April 2018.

“Prices continue to increase at a modest rate and month-to-month sales have continued to increase, however year-over-year sales are down reflecting the uncertainties in consumer behavior towards house purchases” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois.

According to the data, thirty (30) Illinois counties reported sales gains for April over previous-year numbers, including Kankakee County, up 16.1 percent with 108 units sold; and Lake County, up 2.3 percent with 962 units sold. Forty-eight (48) counties showed year-over-year median price increases including McHenry County, up 6.8 percent to $228,000; and Cook County, up 0.4 percent to $261,000.

The city of Chicago saw year-over-year home sales decrease 5.4 percent with 2,555 sales in April, compared to 2,700 a year ago. The median price of a home in the city of Chicago in April was $310,000 up 0.8 percent compared to April 2018 when it was $307,500.

“Sales prices rose but were still relatively low in April, incentivizing buyers to act more quickly on homes they’re watching,” said Tommy Choi, president of the Chicago Association of REALTORS® and broker at Keller Williams Chicago – Lincoln Park. “There continues to be more options as inventory is on the rise. As we get closer to summer, we’ll see a balanced market with benefits for buyers and sellers alike.”

Sales and price information are generated by Multiple Listing Service closed sales reported by 27 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of May 7, 2019 for the period April 1 through April 30, 2019. The Chicago Metro Area, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Illinois REALTORS® is a voluntary trade association whose more than 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.